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SEC clears Saint Pio’s Medical Center IPO

The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of Saint Pio’s Medical Center, Inc. (SPMCI) for up to P480 million.

In its meeting on June 29, the Commission En Banc resolved to render effective SPMCI’s registration statement covering 16,000 common shares, subject to the companies’ compliance with certain remaining requirements.

SPMCI will offer 1,600 blocks composed of 10 shares each, with a price ranging from P10,000 to P300,000 per block. The shares will be traded over the counter through the company’s directors.

The company expects to net P478,395,170 from the offer. Proceeds will be used for construction expenses of its hospital in Zambales estimated at P392 million, as well as for the procurement of medical equipment.

The intended market for the IPO will be medical specialists and the public.

Physicians and other medical specialists who subscribe to at least one block or 10 shares from the offer will be allowed to practice in the company’s hospital, subject to restrictions, limitations, and obligations as may be imposed by SPMC.

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